EPFO decides to credit part of 8.5 % interest for FY20

EPFO decides to credit part of 8.5 % interest for FY20

Retirement fund body EPFO on Wednesday decided to credit an area of 8.5% interest on employees provident fund for 2019-20 into the account of its around 6 crore subscribers.

The decision to produce 8.15% interest on EPF has been taken at the Employees' Provident Fund Organizations’ trustees meet continued Wednesday, a source told PTI.

The remaining 0.35% rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year, the source further said.

The EPFO had earlier planned to liquidate a number of its investment in exchange traded funds to fulfill the deficit for providing 8.5% interest for the last fiscal.

However, it could not do so because of the choppy market conditions amid lockdown induced by Covid-19.

The EPFO's apex deciding body Central Board of Trustees will meet again in December and take a turn crediting remaining 0.35% interest into subscribers account.